Stocks/Funds/CIK 937589

HERITAGE INVESTORS MANAGEMENT CORP

long-term holder
Quarterly 13F filings · Latest period 2026-03-31 · CIK 937589
Assets
$3.29B
+13.0% YoY
Holdings
248
Lifetime alpha vs market
-0.54% annual
Average hold time
7.3 yr
median 8.0 yr

Quarterly history

Cum return +252% vs S&P +272% · α -20% lifetimeAUM $3.3B · peak $3.4BFlow $-24M (-1%)2016-062017-122019-062020-122022-062023-122025-062026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
+2.71%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.78%
steady accumulation
Rally response
-4.81%
trims into rallies
when a holding rises +10%+

Top positions · 30

Ticker$ value% portYoYHold time
AAPLApple Inc.$175M5.3%+14.7%10.5 yr
AVGOBroadcom Inc.$158M4.8%+86.0%8.3 yr
GOOGLAlphabet Inc.$112M3.4%10.5 yr
MSFTMicrosoft Corporation$109M3.3%-0.6%10.5 yr
GOOGAlphabet Inc.$105M3.2%+84.3%10.5 yr
PANWPalo Alto Networks, Inc.$91M2.8%-6.0%10.0 yr
NVDANVIDIA Corporation$85M2.6%+60.9%7.3 yr
CATCaterpillar Inc.$82M2.5%+117.8%10.5 yr
MARMarriott International, $73M2.2%+38.6%10.5 yr
AMZNAmazon.com, Inc.$70M2.1%+9.5%10.5 yr
MAMastercard Incorporated$65M2.0%-8.5%10.5 yr
WMTWalmart Inc.$59M1.8%+42.8%10.5 yr
JPMJPMorgan Chase & Co.$56M1.7%+21.8%10.5 yr
CSCOCisco Systems, Inc.$49M1.5%+28.1%10.5 yr
GSThe Goldman Sachs Group,$47M1.4%+58.1%10.5 yr

Portfolio composition (YoY)

Industry mix
Semiconductors8.5%+2.5pp$279M
Internet Content & Information7.3%+2.2pp$242M
Asset Management6.8%-0.4pp$225M
Software - Infrastructure6.1%-1.3pp$201M
Financial - Credit Services5.6%-1.2pp$186M
Consumer Electronics5.3%-0.2pp$175M
Drug Manufacturers - General5.1%+0.1pp$167M
Banks - Diversified3.8%+0.2pp$124M
Aerospace & Defense3.4%+0.4pp$111M
Software - Application2.8%-0.9pp$92M
Country
US97.2%+0.3pp
IE1.0%-0.2pp
GB0.6%-0.0pp
CN0.6%-0.1pp
JP0.3%+0.0pp
CA0.1%-0.0pp
Unknown0.1%+0.0pp
SG0.0%+0.0pp
Top 5: 20.0% · Top 10: 32.2% · Top 25: 53.0%

Winners

TickerPrev $PnLYoY %
AVGO$100M+0.09B86.0%
GOOG$62M+0.05B84.3%
CAT$43M+0.05B117.8%
NVDA$57M+0.03B60.9%
AAPL$162M+0.02B14.7%

Losers

TickerPrev $PnLYoY %
CRM$48M-0.01B-30.2%
MA$73M-0.01B-8.5%
PANW$99M-0.01B-6.0%
HD$48M-0.00B-8.0%
MSFT$114M-0.00B-0.6%

Top buys this quarter · 15

META Meta Platforms, Inc.+$6M
DDOG Datadog, Inc.+$5M
NFLX Netflix, Inc.+$3M
NOW ServiceNow, Inc.+$20M
AMZN Amazon.com, Inc.+$70M
IQV IQVIA Holdings Inc.+$19M
BSX Boston Scientific Corporation+$12M
ACN Accenture plc+$16M
BLK BlackRock, Inc.+$39M
PANW Palo Alto Networks, Inc.+$91M

Top sells this quarter · 15

EXAS Exact Sciences Corporationexit$5M
AAPL Apple Inc.$4M
CAT Caterpillar Inc.$69M
GOOG Alphabet Inc.$2M
PYPL PayPal Holdings, Inc.$2M
NVDA NVIDIA Corporation$2M
WMT Walmart Inc.$55M
JNJ Johnson & Johnson$36M
RTX RTX Corporation$45M
MAR Marriott International, Inc.$70M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$3.29B248+18.12%+17.59%+0.53%-0.02B
2025-12-31$3.43B244+15.25%+17.72%-2.47%-0.05B
2025-09-30$3.35B250+14.76%+17.52%-2.75%-0.04B
2025-06-30$3.16B251+13.84%+14.94%-1.10%-0.04B
2025-03-31$2.92B253+3.30%+8.30%-5.01%-0.01B
2024-12-31$3.10B254+18.03%+24.89%-6.85%-0.01B
2024-09-30$3.00B254+27.21%+36.04%-8.82%-0.04B
2024-06-30$2.86B252+15.39%+24.49%-9.10%+0.04B
2024-03-31$2.83B255+23.76%+29.62%-5.86%-0.02B
2023-12-31$2.65B248+21.72%+26.18%-4.45%-0.02B
2023-09-30$2.39B246+20.40%+21.57%-1.17%-0.01B
2023-06-30$2.50B244+17.68%+19.42%-1.74%+0.00B
2023-03-31$2.33B249-4.64%-7.82%+3.17%+0.01B
2022-12-31$2.19B261-14.21%-18.17%+3.96%+0.00B
2022-09-30$1.98B252-13.73%-15.51%+1.78%-0.02B
2022-06-30$2.13B254-7.77%-10.62%+2.85%-0.03B